MSE News: Church of England proposes school savings clubs

WestonDave

Chances are in many areas if this came in the local building society or credit union would do the actual admin - I don't think anyone is proposing that the church manages the funds etc.


Takes me back - I remember taking in money each week which got paid into a TSB savings account.

lazer

I had a ulster bank henry hippo account in primary school in the 80's!

Archi_Bald

Credit-Crunched wrote: »

I wonder if they will have to pay FSCS levies....or even if the money will fall under the FSCS?

Who has heard of a dishonest priest......

The proposal is that Credit Unions run this, and they are FSCS protected.

Not sure why they (schools) should not just get on with it, without waiting for a countrywide approach that will never take off. May be some do.

Errata wrote: »

Really? Isn't it the parent's responsibility to educate their children in the ways of the world?

Unfortunately some of them didn't get/want the right education to be able to teach their kids about saving.

Errata

Archi_Bald wrote: »

Unfortunately some of them didn't get/want the right education to be able to teach their kids about saving.

For goodness sake, it's not rocket science!

Pincher

Not that I have any children, but my lesson to them won't be to save to buy a house, and then save enough for a pension, because it would be lying to them and giving them false hope.


The lesson I would give is treat me nice till my last breath, otherwise you won't be in my Will.

callum9999

puk999 wrote: »

I am all for children getting better financial education. I feel this should be done state-wide as part of the national curriculum though.

The church is in the business of believing in invisible sky daddies, and pretending to be the moral authority based on an ancient and barbaric book. I'm not quite getting the correlation between them and personal finance education.

The cynic in me says the Archbishop has jumped on the current bandwagon of payday lending disgust for purposes of promoting his church as much as anything else.

I also wonder whether the CofE will collect together all the kids' £1s and invest it in weapons companies and Wonga like before?

Well that is the whole point of religion!

gettingtheresometime

Did I dream this or did this actually happen when I was in primary school circa 1976?

I seem to remember buying National Savings stamps at school and then sticking them into a green shield stamp type booklet.....why not revive that scheme

jimjames

Errata wrote: »

Really? Isn't it the parent's responsibility to educate their children in the ways of the world?

Considering some can't even teach their kids to use the toilet, brush teeth or feed properly I think finance is pretty unlikely to be a priority.

Errata

jimjames wrote: »

Considering some can't even teach their kids to use the toilet, brush teeth or feed properly I think finance is pretty unlikely to be a priority.

Possibly, but parents save every single day otherwise they'd blow all their wages the day they receive them and starve for the rest of the month.

Pincher

My parents were both university educated, and had fairly high status jobs, but they were useless! If I didn't tell them, they wouldn't have even done a will, and then he went cheapskate, and found some solicitor to do one for £99 (probably saw an ad in the local paper) behind our backs, and then we find he gave me a house that wasn't even in his name.


They were hoodwinked by double glazing salesmen, builders and estate agents all their lives, until I grew up and took charge. The only saving grace was that their civil service pension was very good, because they retired in the 1980s. It's pure luck that they didn't have much spare cash, and they actually got more than they paid in on a ten year Sun Life plan because the 80s had high inflation and so high returns.


They just ended up asking me every time they needed anything done in the end.


Educate me? It's the other way around, and half the time they don't really want to listen anyway.